iStar Financial Announces Private Bond Offering Under 'STARs' Proprietary Match Funding Program
The weighted average interest rate on the offered bonds, expressed on an all-floating rate basis, is approximately LIBOR + 56 basis points. The offering is expected to close on May 28, 2002 and is subject to customary closing conditions. The Company will use the net proceeds from the offering to repay outstanding borrowings under its credit facilities and the STARs Series 2000-1 bonds.
The STARs Series 2002-1 bonds will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or applicable state securities laws, and unless so registered, may not be offered or sold in the United States, except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the STARs Series 2002-1 bonds. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
iStar Financial is the largest publicly traded finance company focused exclusively on the commercial real estate industry. The Company provides structured financing to private and corporate owners of real estate nationwide, including senior and junior mortgage debt, corporate mezzanine and subordinated capital, and corporate net lease financing. The Company, which is taxed as a real estate investment trust, seeks to deliver superior risk- adjusted returns on equity to shareholders by providing innovative and value- added financing solutions to its customers. Additional information on iStar Financial is available on the Company's Web site at www.istarfinancial.com.
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CONTACT: Spencer B. Haber, President and Chief Financial Officer, +1-212-930-9400, or Andrew C. Richardson, Senior Vice President, Capital Markets, +1-212-930-9400, or Erin C. Hart, Associate, Investor Relations, +1-212-930-9400, all of iStar Financial Inc. URL: http://www.istarfinancial.com http://www.prnewswire.com
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